Just a quick note.  There has not been a better time, at least not since I have been investing in real estate, to buy.

Cons.

Money to purchase is a little harder to come by.  Talk to a real mortgage lender, not “johns mortgage shop” down the street.

Beggars cant be choosers.  While there are some great deals available, they usually are not the cream of the crop. Thats just the way it works.  Be willing to sacrifice some of your dream house criteria for the payoff in the long run.

MOST of the deals are bank owned, foreclosed on, or pre foreclosure.  Working with banks is a drag!  The person making the decisions for the seller (the bank) is a mid level manager who has not experienced anything like the current foreclosure trend, and probably had little personal experience with real estate.  I could write a book about how poorly banks handle these deals! No joke.

Pros

If you  can read a how to book, have a few bucks for paint, or know someone who is “handy”, you can dress up any property.  Watch HGTV, there are far too many shows about how to pretty things up for cheap.

Save 10’s of thousands by keeping an open mind of what is available.

Tips

Talk to someone that knows what they are doing. Lenders, realtors, and experience with home improvements goes a long way.

Have you ducks in a row BEFORE starting. Scrambling at the finish line spells heartache.

Your dream house is probably not going to be the deal of the century.  However you can probably find one in the same neighborhood.

Deals = needs help, ALWAYS.  If perfection is the goal, get ready to pay for it.